Tips from March 12, 2010
The Small Business tips today discuss employee taxes.
- If
you have employees for your business, a variety of taxes will be
withheld from their income. Remind your employees of the taxes upon
hiring.
- Some taxes withheld from employees' pay are: Social Security, FICA, Medicare, and federal and state income taxes.
- Employees
aren't the only ones who have taxes taken out. Businesses and employers
must match the FICA and Medicare taxes and pay them along with
employees.
- Don't forget those who are out of work! Businesses are required to pay federal and state unemployment taxes.
Daily
Overview: Taxes withheld from employers and employee salaries go
towards different organizations. Keep this in mind, and look for
returns when you file taxes.
We post these small business tips to our employee's Twitter account each day, Monday through Friday. This is a reposting of those tips.
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